(Bloomberg) -- In Europe, chocolate is experiencing what could be a revival of its unprecedented popularity. The continent last year processed 1.46 million tonnes of cocoa beans into butter and powder for confectionery products, an increase of 6.1%, a record number according to data dating back to 1999. This follows a rise in Asian production, while North American figures are due out on Thursday.
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The rally is "further evidence that consumers found a sweet tooth during the pandemic," Charles Branch, head of agricultural and soft commodities at Britannia Global Markets in London, said by email. Strong demand is eroding stocks in Europe and the US with prohibitive freight and fertilizer prices impacting costs. High energy prices are also fueling inflationary pressures. Cocoa futures for March delivery rose as much as 1.9% to $2,680 a tonne, taking year-to-date gains to almost 6%. The number of outstanding contracts rose during the latest rally, a bullish sign of renewed investor interest. Prices also ...
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